NewsRoundUp | 260525

 

Wondering what’s trending around the world at this time? Not to worry, SEB is got you covered. Here are some of the biggest global trends right now:

·       X (formerly Twitter) outage: The platform suffered two major outages within 24 hours, leaving thousands of users unable to log in or access their feeds. Elon Musk has yet to provide an official explanation, but speculation ranges from cyberattacks to infrastructure failures. Some services have been restored, but issues persist for many.

·       Top billionaire cities: New York City continues to lead the world with the highest number of billionaires, followed by Hong Kong and Moscow. Mumbai has also climbed the ranks, reflecting India's growing economic influence. Mumbai has dropped to sixth place, reflecting shifts in global wealth distribution.

·       India's economic growth: India has officially surpassed Japan to become the world's fourth-largest economy, with a GDP of $4.19 trillion. The country is expected to continue its rapid growth, driven by strong private consumption and government investments. India's GDP growth for Q4 FY25 is projected at 7%, but the full-year estimate has been revised down to 6.3%. The country remains one of the fastest-growing major economies.

·       Harvard controversy: The U.S. government has revoked Harvard’s ability to enroll international students, citing concerns over campus protests and alleged ties to foreign entities. The university is fighting back in court, calling the move unlawful and politically motivated. A federal judge has temporarily blocked the move, allowing Harvard to continue admitting foreign students for now.

·       Russia-Ukraine prisoner swaps: In the largest exchange since the war began, Russia and Ukraine swapped 1,000 prisoners each over three days. This rare moment of cooperation comes amid ongoing drone and missile attacks between the two nations. The swap was the only tangible outcome of recent peace talks, but fighting continues.

·       Cannes Film Festival power cut: A suspected sabotage attack caused a massive blackout in Cannes, disrupting screenings on the final day of the festival. Authorities believe arsonists targeted a power substation, but the closing ceremony proceeded as planned, although authorities are investigating the incident,.

Let’s Take A Look At India’s Economic Growth

India has officially surpassed Japan to become the world’s fourth-largest economy, with a GDP of $4.19 trillion. Experts predict that if India stays on its current trajectory, it could overtake Germany and become the third-largest economy within 2.5 to 3 years.

Key Highlights:

·       Growth Rate: India's GDP growth for Q4 FY25 is projected at 7%, showing an uptick from the previous quarter.

·       Long-Term Vision: The government has outlined a strategy called "Viksit Bharat @ 2047", aiming for a $30 trillion economy by 2047.

·       Private Consumption: Strong rural demand and government investments continue to drive growth.

·       Global Comparison: India remains one of the fastest-growing major economies, despite global uncertainties.

India's economic growth is being driven by several key sectors that are expanding rapidly and attracting significant investment. Here are some of the top sectors fuelling India's rise:

1. Services Sector

·       The services industry is leading India's private sector growth, with strong demand from both domestic and international markets.

·       The HSBC Flash India Composite Output Index rose to 61.2 in May, indicating robust expansion.

·       The fastest-growing segment within services is technology-driven businesses, including fintech, e-commerce, and AI-powered solutions.

2. Manufacturing & Exports

·       India’s manufacturing sector is expanding, with a focus on localization, entrepreneurship, and technological self-reliance.

·       The Production Linked Incentive (PLI) scheme is boosting domestic production in electronics, pharmaceuticals, and automobiles.

·       India is positioning itself as a global manufacturing hub, benefiting from shifts in international trade policies.

3. Electric Vehicles (EVs)

·       The EV market is growing at an annual rate of 66%, with sales reaching 1.52 million units in 2023.

·       Government incentives like FAME II and PM E-DRIVE are supporting EV makers and buyers.

·       India is rapidly expanding its EV charging infrastructure, with over 12,000 public chargers installed so far.

4. Healthcare & Insurance

·       India's healthcare industry is expected to reach $320 billion by 2028, driven by increased awareness and private medical spending.

·       The Ayushman Bharat scheme provides free health insurance to millions of low-income families.

·       Telemedicine and online health services are booming, contributing to 21% growth in sector earnings.

5. Renewable Energy

·       India aims to install 500 GW of clean energy capacity by 2030.

·       Foreign investors have poured $15.36 billion into Indian renewables since 2000, with $360 billion more expected by 2030.

·       The government has allocated $2.3 billion for rooftop solar projects and $72 million for its Green Hydrogen Mission.

6. Infrastructure & Construction

·       The construction sector is expanding, supported by government capital expenditure and rising demand for urban development.

·       Cement production increased by 12.3%, reflecting strong infrastructure growth.

·       The Smart Cities Mission and metro projects are fueling demand for construction materials and skilled labor.

India’s economic momentum is expected to continue, with GDP growth projected at 6.7% in 2025–26 and 6.8% in Q4 FY25.

 

Global Implications Of The Rushian-Ukraine Situation

The Russia-Ukraine war has had far-reaching global implications, affecting geopolitics, economies, and security worldwide. Here are some of the major consequences:

1. Energy Crisis & Inflation

·       The war disrupted global oil and gas supplies, leading to higher energy prices and inflation in many countries.

·       Europe faced severe energy shortages, prompting a shift toward renewable energy and alternative suppliers.

2. Food Security Concerns

·       Ukraine is a major exporter of wheat, corn, and sunflower oil, and the war disrupted global food supply chains.

·       Countries in Africa and the Middle East faced food shortages due to reduced grain exports.

3. Military & Defense Spending

·       NATO countries increased defense budgets, with Germany, Poland, and the U.S. ramping up military investments.

·       The war reshaped global security alliances, with Sweden and Finland joining NATO.

4. Economic Sanctions & Trade Shifts

·       Western nations imposed strict sanctions on Russia, affecting global trade and financial markets.

·       Russia strengthened economic ties with China, India, and Middle Eastern nations to counter Western restrictions.

5. Geopolitical Realignments

·       The war deepened divisions between Western nations and Russia, influencing global diplomacy.

·       Countries like China and India maintained neutral or strategic positions, balancing relations with both sides.

6. Cybersecurity Threats

·       Cyberattacks increased, with Russia and Ukraine engaging in cyber warfare.

·       Governments and corporations worldwide boosted cybersecurity measures to prevent digital threats.

So, what's majorly trending at this time in Nigeria? Here are some of the biggest trending affairs in Nigeria right now:

·       Pope Leo XIV's election: The world is reacting to the election of Pope Leo XIV, the first American to hold the position. Nigerian leaders have joined in welcoming the new Pope. Pope Leo XIV, the first American-born pope, was elected following the passing of Pope Francis. President Bola Tinubu attended the inauguration in Vatican City, marking a significant diplomatic moment for Nigeria. The new pope has emphasized unity and peace, calling for global cooperation on humanitarian issues. However, Pope Leo XIV, the first American-born pope, is facing legal questions about whether he can retain his U.S. citizenship while serving as a foreign head of state. His first days as pope have been marked by calls for peace in conflict zones like Gaza, Myanmar, and Ukraine.

·       Tinubu's visit to Anambra: President Bola Tinubu was conferred with the traditional title "Dike Si Mba" during his visit to Anambra, where he also inaugurated several projects. He inaugurated several projects, including the Solution Fun City and the Government House Mini-City. The visit was seen as an effort to strengthen relations between the federal government and the Southeast region. President Tinubu’s visit has sparked political tensions between APGA and APC, with both parties claiming credit for the visit’s success. The Ohaneze Ndigbo has praised the visit as a step toward reversing Southeast marginalization. Some groups, including MASSOB, have warned Tinubu not to be deceived by political endorsements from self-proclaimed Igbo leaders.

·       EFCC money laundering case: The Economic and Financial Crimes Commission (EFCC) is investigating alleged money laundering involving transfers from Kogi State Government accounts. The agency has also uncovered a major land racketeering scheme involving Lagos State officials. Several Bureau De Change operators have been arrested for illegal cash movements. The EFCC is investigating money laundering allegations involving Jude Okoye, former manager of Psquare, who is accused of purchasing property with illicit funds. Former Ekiti State Governor Ayodele Fayose is also facing trial for N6.9 billion fraud, with the court set to rule on his no-case submission on July 10. The EFCC has intensified its crackdown on Bureau De Change operators, warning against illegal cash smuggling.

·       Tomato 'Ebola' outbreak: A disease affecting tomato crops is expected to cause a surge in food prices across Nigeria. A devastating outbreak of Tuta absoluta, known as "Tomato Ebola," has affected tomato crops in Kano, Katsina, and Kaduna. The outbreak has led to over N1.3 billion in losses, causing tomato prices to skyrocket. The government is working on pest management strategies to curb further damage. The price of a 50kg basket of tomatoes has surged from N5,000 to N30,000, worsening food inflation. Experts are urging farmers to adopt resistant seed varieties and crop rotation to curb further losses.

·       Google-Nigeria AI partnership: Nigeria and Google have advanced their strategic digital partnership to boost AI and innovation in the country. Nigeria and Google have advanced their strategic digital partnership to boost AI and innovation. The collaboration focuses on cloud infrastructure, AI research, and digital skills training. The initiative aligns with Nigeria’s goal of becoming a leading AI and technology hub in Africa. Nigeria has entered a strategic partnership with Google to boost AI innovation, cloud infrastructure, and digital skills training. President Tinubu met with Google CEO Sundar Pichai, emphasizing Nigeria’s role in leading Africa’s AI evolution. Google has committed N2.8 billion to support AI talent development in Nigeria, funding data science programs and AI startups.

·       Nnamdi Kanu's trial: The trial of IPOB leader Nnamdi Kanu continues at the Federal High Court in Abuja, drawing significant attention. The court recently admitted videos as evidence, including statements from Gen. T.Y. Danjuma and Imo State Governor Hope Uzodinma. IPOB has accused the Nigerian government of interfering in the trial, calling it a political witch-hunt. The court is reviewing prosecution witness testimonies, with IPOB claiming that some witnesses were not originally listed.